The Supreme Court, on March 2020, had struck down RBI’s controversial circular that prohibited any central bank regulated entities from providing banking services to anyone dealing with virtual or cryptocurrencies. This ruling allows banks to handle cryptocurrency transactions. Though this may threaten the country’s financial system, it does provide an opportunity for the government and the central bank to form regulatory frameworks and laws that, while allowing the use of cryptocurrencies, can ensure preventive measures that can counter private cryptocurrencies.
FASTag is made mandatory for all vehicles, private and commercial, from January 15, 2020. According to the FASTag transactions data released on January 1, 2020, by National Payments Corporation of India, about 6.4 crore FASTag transactions, worth Rs.1,256 crore, were processed in December against 3.4 crore transactions worth Rs.774 crore in November. Paytm Payments Bank issued over 40% of all FASTags in December. Currently, the government is taking the necessary steps to promote it.
At a time when the COVID-19 pandemic is wreaking havoc, some Israel-based researchers have found that an online market of fake vaccine and test certificates with over 1,200 vendors in the UK and worldwide is running on the dark web and instant messaging platforms. The researchers noted that at the beginning of the pandemic in 2020, darknet produced the masks, the protective equipment, and later drugs were also on sale. Similarly, as drug procurement and sale has become difficult during the pandemic, many smugglers are taking help from the dark web. The Mumbai police and NCB recently noticed that the dark web has turned out to be one of the prime methods for ordering and supplying drugs. This brings to notice, the issue of the dark web, how is it misused and how its misuse can be managed?